Royal London has sold its freehold interest in 70 Fleet Street, EC4, to the City of London Corporation for more than £26m.
The property includes nearly 10,000 sq ft of retail space and around 24,000 sq ft of office space, according to Radius Data Exchange.
It is currently let to the International Dispute Resolution Centre (IDRC), which signed a 15-year lease for the building in 2004.
As part of the deal, the City Corporation has also transferred its freehold interest in Eden House, Spitalfields, E1, to Royal London. Eden House covers 54,000 sq ft and is let to UK consultancy Sapient.
The transaction facilitates the Corporation’s planned redevelopment of its Fleet Street Estate for a new building to house the proposed new flagship combined courts facility, and allows Royal London in turn to both raise cash to be deployed in the portfolio and consolidate its investment in Eden House, in which it already has a leasehold interest.
Keith Miller, fund manager at Royal London, said the transaction improved the value of its holdings at Eden House, where it plans a major refurbishment of the building in 2019.
Warren Advisors and law firm Gowling WLG advised Royal London on both aspects of the transaction.
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